Slide 1: H1 2025 Results – Analyst & Investor Presentation
H1 2025 Results – Analyst & Investor Presentation Taufkirchen, 31st July 2025 Oliver Dörre, CEO Christian Ladurner, CFO This document and its content is the property of HENSOLDT AG. It shall This not be communicated document to any third and its content party is the without of property theHENSOLDT o
Slide 2: Disclaimer Forward Looking Statement
Disclaimer Forward Looking Statement This presentation and the information contained herein are for information purposes only and should not be treated as This presentation may contain forward-looking statements about HENSOLDT and its businesses, including statements investment advice or recommendat
Slide 3: Strategic topics update
Strategic topics update Grow Deliver Pioneer Lead our team with focus at scale Software-Defined into the future Defence Structural work on new sales Logistics center stabilized, electronics Sven Heursch to join HENSOLDT Leadership Team Meeting aligns and business development setup production running
Slide 4: NATO Summit: 3.5% defence spending target confirmed – expectations met
NATO Summit: 3.5% defence spending target confirmed – expectations met Commitment to strengthening capabilities across all domains NATO force goals German procurement priorities Collective defence against a nuclear-armed peer adversary Air Defence NATO forces need to be larger, better protected and
Slide 5: High visibility on additional orders end of 2025
High visibility on additional orders end of 2025 First orders expected in 2026 with revenue following in 2027 Re-launch of Prioritised Coalition treaty ReArm Europe Defence Budget parliamentary new procurement presented plan adopted 2026 approved approvals programmes defined … 09.04. 06.05. June Jul
Slide 6: Germany is leading Europe in defence spending
Germany is leading Europe in defence spending Defence budget to more than double by 2029 in €bn Spending from Defence Budget Spending from "Sondervermögen" Spending on empowering Ukraine 3.5% 3.3% 162 3.0% 145 9 2.8% 129 9 118 9 2.4% 9 95 27 26 9 24 153 136 93 83 62 2025 2026 2027 2028 2029 This doc
Slide 7: German procurement approach is two-fold: maximize conventional capabilities + drive technology
German procurement approach is two-fold: maximize conventional capabilities + drive technology Growth drivers Implications for HENSOLDT Increasing demand to massively ramp-up • Broad range of high-volume conventional equipment procurement incoming capabilities • Acceleration of procurement using fra
Slide 8: Key orders received in H1 2025
Key orders received in H1 2025 Eurofighter Air defence radars Ground-based systems Eurofighter re-baselining Self-protection TRML-4D (GBAD and weapon Sights for ground-based second contract for Spanish Halcon program location) radars for Ukraine systems ~ €350m ~ €35m ~ €300m ~ €50m This document an
Slide 9: Further key orders expected in 2025
Further key orders expected in 2025 Eurofighter Air defence radars Ground-based systems Land Border Surveillance Maritime Patrol Radars and self-protection TRML-4D as well as Spexer Optronics and self-protection Sensor suite Sustainment contract systems for Eurofighter radars for ESSI and Ukraine sy
Slide 10: Our clear plan for ramping-up capacity is paving the way for future growth
Our clear plan for ramping-up capacity is paving the way for future growth Capacity … 2025 2026 2027 2028 2029 2030 … This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All r
Slide 11: HENSOLDT Financials
HENSOLDT Financials This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 11
Slide 12: H1 2025 – excellent performance in top line
H1 2025 – excellent performance in top line in €m Order intake as planned Solid revenue performance Record order backlog Core Pass-Through 944 48 849 65 +8% +3% 1,405 +14% core 7,070 1,359 6,553 896 784 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Order intake Revenue Order backlog(1) • Order int
Slide 13: H1 2025 – bottom line as planned
H1 2025 – bottom line as planned in €m Profitability on track Free cash flow in line with plan Adj. EBITDA(1) Adj. EBIT(1) Adj. FCF(3) H1 2024 H1 2025 107 103 52 49 -145 12.2% 11.3% 6.1% -181 5.1% H1 2024 H1 2025 H1 2024 H1 2025 • Margin reflects product mix as well as temporarily lower productivity
Slide 14: H1 2025 – Sensors segment
H1 2025 – Sensors segment in €m Solid order intake Revenue as expected Temporary effect impacts margin Core Pass-Through 817 48 744 117 65 105 +13 % core 15.7% 1,253 1,256 12.9% 769 679 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Order intake Revenue Adj. EBITDA(1) • Order intake driven by Eurof
Slide 15: H1 2025 – Optronics segment
H1 2025 – Optronics segment in €m Order intake as planned Strong revenue growth Margin result marks turnaround in Optronics German entity South African entity German entity South African entity German entity South African entity 164 134 10 H1 2024 H1 2025 139 29 108 1 19 11 5 +28%(2) -4 124 135 120
Slide 16: Refinancing successfully completed
Refinancing successfully completed “Zeitenwende” enables access to more flexible financing instruments FY2025 net leverage of ~1.5x confirmed ▪ Successful placement of promissory note loan in July Strengthening of long-term capital structure ▪ Volume of €300m secured: − Strong oversubscription by br
Slide 17: FY 2025 fully on track: Guidance confirmed
FY 2025 fully on track: Guidance confirmed 2025 guidance Book-to-Bill ~1.2x Revenue(1) €2,500m - €2,600m ~19% Switch of guidance KPI Adjusted EBITDA margin(1) before pass-through before pass-through revenue from “Adjusted EBITDA margin before pass-through” Adjusted EBITDA margin(2) ~18% to “Adjusted
Slide 18: Key takeaways
Key takeaways • Order backlog exceeded €7bn for the first time • Strong order intake and solid revenue performance Achievements • Record order backlog provides excellent visibility Guidance 2025 confirmed • Germany is taking on European leadership in defence with budget to double by 2029 • Strong al
Slide 19: Q&A session
Q&A session This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 19
Slide 20: Back-up
Back-up This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 20
Slide 21: EBIT to net income bridge
EBIT to net income bridge in €m ▪ Includes non-cash accounting effect of €-10m from refinancing agreement concluded in April 2025 ▪ Cash interest expense of €-25m improved by €3m y-o-y, reflecting improved financing conditions 11 6 -35 -12 -44 -10 -2 -15 12 Reported EBIT Interest Interest expense In
Slide 22: HENSOLDT Financial Section
HENSOLDT Financial Section This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 22
Slide 23: Consolidated Income Statement
Consolidated Income Statement First half-year in € million 2025 2024(1) Revenue 944 849 Cost of sales -790 -688 Gross profit 155 161 Selling and distribution expenses -67 -62 General administrative expenses -68 -74 Research and development costs -17 -17 Other operating income 16 8 Other operating ex
Slide 24: Consolidated Statement of Financial Position – Assets
Consolidated Statement of Financial Position – Assets in € million 30 June 2025 31 Dec. 2024 Non-current assets 2,472 2,289 Goodwill 1,117 1,115 Intangible assets 676 667 Property, plant and equipment 212 202 Right-of-use assets 390 249 Investments accounted for using the equity method 6 4 Other inv
Slide 25: Consolidated Statement of Financial Position – Equity & Liabilities
Consolidated Statement of Financial Position – Equity & Liabilities in € million 30 June 2025 31 Dec. 2024 Share capital 116 116 Capital reserve 439 474 Other reserves 102 37 Retained earnings 179 245 Equity held by shareholders of HENSOLDT AG 836 872 Non-controlling interests 11 14 Equity, total 84
Slide 26: Consolidated Statement of Cash Flows (1/2)
Consolidated Statement of Cash Flows (1/2) First half-year in € million 2025 2024(1) Group profit / loss -44 -26 Depreciation, amortisation and impairments of non-current assets 83 71 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets -1 -1 Share of
Slide 27: Consolidated Statement of Cash Flows (2/2)
Consolidated Statement of Cash Flows (2/2) First half-year in € million 2025 2024 Cash flows from operating activities -145 -151 Cash flows from investing activities -107 -620 Repayment from financing liabilities to banks -70 – Proceeds from financing liabilities to banks – 450 Transaction costs pai
Slide 28: Order intake, segment revenue and adjusted EBITDA
Order intake, segment revenue and adjusted EBITDA First half-year in € million 2025 2024 Order intake 1,405 1,359 Sensors 1,256 1,253 Optronics 164 139 Elimination/Transversal/Others -14 -33 in € million Segment revenue Sensors Together we make 944 817 849 744 Optronics Elimination/Transversal/Other
Slide 29: Overview of EBITDA and EBIT adjustments
Overview of EBITDA and EBIT adjustments EBITDA adjustments First half-year EBIT adjustments First half-year in € million 2025 2024 in € million 2025 2024 EBIT1 6 5 EBIT1 6 5 (+) Depreciation 37 30 (+) Effect on earnings from purchase price allocations 1 22 19 (+) Amortisation1 47 41 thereof intangib
Slide 30: Reconciliation of reported to adjusted FCF
Reconciliation of reported to adjusted FCF First half-year in € million 2025 2024 Cash flows from operating activities -145 -151 Cash flows from investing activities -107 -620 Free cash flow -252 -772 (+) Transaction costs 0 11 (+) OneSAPnow-related special items 24 18 (+) M&A-activities1 24 574 (+)
Slide 31: Q2 Financial Overview HENSOLDT Group
Q2 Financial Overview HENSOLDT Group Second quarter in € million 2025 2024 Order intake 704 694 Book-to-bill ratio(1) 1.3x 1.3x Revenue 549 520 Adjusted EBIT(2) 45 41 Adjusted EBITDA(3) 77 70 Adjusted EBITDA margin 13.9 % 13.4 % Adjusted free cash flow(4) -74 -64 (1) The book-to-bill ratio is define
Slide 32: Reconciliation of reported to adjusted net income
Reconciliation of reported to adjusted net income First half-year in € million 2025 2024(2) Group profit / loss -44 -26 (+) Effects on earnings from purchase price allocations 22 19 (+) Transaction costs 0 2 (+) OneSAPnow-related special items 8 6 (+) Other special items 24 19 Adjusted net income pr
Slide 33: Special items
Special items in € million H1 2025 2025 mid-term Effect on earnings from purchase price allocations -22 ~(44) ~(33) EBIT adjustments -22 ~(44) ~(33) in € million H1 2025 2025 mid-term Special items are driven by Special items (Transaction Cost, One SAPnow related items, Other special items) -21 -45
Slide 34: Upcoming IR events
Upcoming IR events FY 2024 FY 2024 H1 AGM H1 9M CMD preliminary audited Feb 27th Mar 27th May 7th May 27th Jul 31st Nov 7th Nov 11th This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT
Slide 35: IR Contacts
IR Contacts Contact HENSOLDT share Reports ▪ Contact: ▪ Type of share: ▪ Financial Reports: Veronika Endres Bearer shares https://investors.hensoldt.net Tim Schmid ▪ Stock Exchange: ▪ Annual Report: ▪ Phone: Frankfurt Stock Exchange https://annualreport.hensoldt.net +49 89 51518 2057 +49 89 51518 26
Slide 36: without of the HENSOLDT This
This document and its content is the property of HENSOLDT AG. It shall This not be communicated document to any third and its content party is the without of property theHENSOLDT owner’s AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG